Morning All!

Alumasc ( Alumasc (LON:ALU) )

172p – £62.9m

AGM Trading Statement For The Year Ending June 2018 – UK Revenue up 4% YTD, export sales are lower than the previous year. Still expecting to hit Full Year results. Growth is not exactly enticing here but the ROCE is excellent (19.5%), the 4%+ Dividend is well covered and there’s £6.08m in Cash (10% of Market Cap) - On a PER of 7.86 looks decent enough value to me. Perhaps even better value if this update sends the price South a little!

Mattioli Woods ( Mattioli Woods (LON:MTW) )

821p - £212.5m

AGM Statement – Reading between the lines (it’s not the clearest of updates) it seems to be in-line here. Based on this update and the high level figures I can’t quite convince myself to consider investing here or just pass – On that basis I will do what I usually do in this situation and pass.

Connect ( Connect (LON:CNCT) )

90.75p - £230.3m

Preliminary Results For The Year Ended August 2017 – Looks like a miss by about 5 – 10% here. Is this built into the price for this beaten down company? There’s quite a lot to like and even more so if this gets cheaper – It’s on a PER of 5.51, there’s a 10% Dividend (well covered) and a sector busting ROCE of 26.5%. With Net Debt reduced from £141.7m to £82.1m it’s still quite high (say 35% of Market Cap). Is this what’s holding it back? It’s holding me back at present but 10% lower this could be worth an initial nibble – Perhaps!

Debenhams ( Debenhams (LON:DEB) )

46p - £577.1m

Preliminary Results For The Year Ended 2nd September 2017 – Revenue down 2% but underlying PBT of £95.2m is in-line with expectations. The Dividend (7%) is attractive here but the forecasts and Net Debt (£216.9m) at 40% of Market Cap are not so. I just have no idea where Debenhams will be in 5 (or even 2) years time – Will it be bust or soaring high once again? Or, still struggling along? So difficult to tell…

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